Converting a Rental into Two Mobile Homes

[John Huberty]

Hello all, My wife and i currently own a home we are renting out. We have money saved for vacancies and major repairs that we have saved in the last two years. I am in the military and eventually we will move back to our home state of California. My plan is to try and use the rent we are currently receiving to pay off the house then either sell it or cash out refinance it to get the equity out. Now to my question. I know that Brandon does a lot with mobile home parks. In California they are one of the cheapest ways to own a home. What do you guys think about using the equity in my rental to purchase two Mobile homes, one we can live in the other we can rent out? This would give us the chance to live in California without a mortgage while we find new jobs and settle into the state. this would also give us the chance to test our income and see what kind of mortgage we could afford when we look for a nicer home. Once we have settled into our jobs we would move out of the second mobile home and rent it out. This would leave us with two mobile homes generating rent that could conceivably pay for the mortgage on the home we by. Let me know if you think my logic is sound and what you think i should look out for when dealing with mobile home. Do you think there would be another option for getting settled into a new state with no income after retiring from the military? Any help would be much appreciated. Thank you.